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h. The developer shall adequately demonstrate, to the City's sole <br /> satisfaction, an ability to complete the proposed project based on <br /> past development experience, general reputation, and credit <br /> • history, among other factors, including the size and scope of the <br /> proposed project. <br /> i. For the purposes of underwriting the proposal, the developer <br /> shall provide any requested market, financial, environmental, or <br /> other data requested by the City or its consultants. <br /> V. PROJECT QUALIFICATIONS <br /> All TRF projects considered by the City of Elk River must meet each of <br /> the following requirements: <br /> a. The project shall meet at least one of the objectives set forth in <br /> section IV of this document. <br /> b. The use of TRF will be limited to: <br /> • Industrial development, expansion, redevelopment, or <br /> rehabilitation; or <br /> • Commercial redevelopment or rehabilitation; or <br /> • Office or research facilities that satisfy Business Park <br /> zoning requirements; <br /> S <br /> • Residential development and redevelopment may be <br /> eligible for TRF under a separate set of policies and only <br /> with the recommendation of the HRA. <br /> • New commercial or retail development is not eligible for <br /> TRF. <br /> c. The developer shall demonstrate that the project is not <br /> financially feasible but-for the use of TRF. <br /> d. The project shall comply with all provisions set forth in the <br /> state's Tax Abatement Law, statues 469.1812 to 469.1815, as <br /> amended. <br /> e. The project must be consistent with the City's Comprehensive <br /> Plan, Land Use Plan, and Zoning Ordinances. <br /> f. The project shall serve at least two of the following public <br /> purposes: <br /> • Job creation. <br /> • Increase of tax base. <br /> • Enhancement or diversification of the city's economic base. <br /> • Development or redevelopment that will spur additional <br /> private investment in the area. <br /> 5 <br />